Question: Ellen is ready to start saving for retirement. She can save $5,000 this year and she believes her annual savings will GROW by 3% annually

Ellen is ready to start saving for retirement. She can save $5,000 this year and she believes her annual savings will GROW by 3% annually for the next 30 years when she will retire. If Ellen's savings will earn an income rate of 7% per year for each of those 30 years, how much will Ellen have saved at retirement?

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